Bitcoins

Jegersmart

blinko wrote: »

interesting thought, did someone have inside info on a FED taper and dumped bitcoin.

bitcoin is unregulated and all that, the perfect place for insider trading...

Insider trading is rife everywhere, why do people make the assumption that if a market is "regulated" that insider trading (for example) is not rife in regulated markets? I can tell you that it is....

I guess you also believe everything that the government tells you as well?

J

Jegersmart

JohnRo wrote: »

I think it's just a lot of people in china jumped on a get rich bandwagon, drove the price up rapidly and then panic sold when their government started making threatening noises towards btc. There's nothing fundamental about bitcoin itself that has changed or that can change.

I don't think that it is just the Chinese. Plenty of money in BTC from all over and a lot of it is purely speculative. It is very early days yet, with considerable amounts of BTC being held for longer term which leaves a smaller amount in supply for speculation. This is certain to cause massive volatility.

imho
J

dryhat

The price is still much higher than it was a couple of months ago and the only people hurt by this crash are the "get rich quick" merchants.

Us real Bitcoin enthusiasts don't care and/or are unaffected.

csm888

Here is my view on what has happened recently.
The Chinese banks have been instructed not to allow deposits into the Chinese Bitcoin exchanges. This of course will result in no new money coming into the exchanges and everyone in china wanted out. The price crashed in China and this dragged the price down in the other exchanges.


The price bounced off the long term (on a logarithmic chart) trend line at about $450. Many large investors in the US have started to move into Bitcoin and saw this opportunity to pick up cheap coins.

This, coupled with the skilful day traders, has caused the price to rise back to $645. There is now some money in the Chinese exchanges from US investors and I think we can expect a further increase over the short term.

This recent correction has really just caused panic with the newbie small time investors and unfortunately many of them have lost money, buying high and selling low.

On a more personal note: I screwed up trading the dip yesterday and waited for what I thought would be a further dip when the US awoke... that never came and I only increased my Bitcoin holding by 5%... not so bad, but as the traders say.. 'Bulls make money, bears make money, pigs get slaughtered'.... it looks like I was guilty of being the greedy pig, and was lucky to come out without a loss.

I believe that the current price is a good buying opportunity, especially as many people are expecting large (in bitcoin terms) scale investment in the second quarter of 2014 from wall street investors. The big bitcoin holders will not let their current investment be put under risk by a significant slide in the price, so it will be held high, until this panic and fear passes.

The-Joker

dryhat wrote: »

The price is still much higher than it was a couple of months ago and the only people hurt by this crash are the "get rich quick" merchants.

Us real Bitcoin enthusiasts don't care and/or are unaffected.

Thats what the silver bullion buyers are saying, if you plan to hold long term the temporary lower price now is a gift just buy more.

But thats not really the case with bitcoin is it? It is unknown if it will still be around in another decade?

dryhat

The-Joker wrote: »

Thats what the silver bullion buyers are saying, if you plan to hold long term the temporary lower price now is a gift just buy more.

But thats not really the case with bitcoin is it? It is unknown if it will still be around in another decade?

Personally, I haven't bought any more on this dip. I'm happy with what I've got and have enjoyed some massive gains this year.

I got into Bitcoin for ideological reasons and because I recognise the importance of this new ground-breaking technology.

Whether Bitcoin survives, or something like it takes over is unknown. But the technology is here to stay.

Either way, for all sorts of reasons this year has been a great year to be involved in Bitcoin and I am looking forward to 2014.

JohnRo

It'll be around in another decade, or some sort of successor will. You cannot stop progress forever and crypto currency represents a major step forward in global finance possibilities.

The big question is whether decentralised will be allowed in a centralised, privileged, corrupt, greedy world and as such whether it'll have a rabid pack of cleptocrats chasing around trying to shut it down and force it into the shadows to protect their money pyramids and keep themselves in the luxurious comfort they currently enjoy at everyone else's expense.

mmedia

Are China still buying? Check this out, its going crazy!!! http://fiatleak.com

DJBenson

mmedia wrote: »

Are China still buying? Check this out, its going crazy!!! http://fiatleak.com

Love this!!

csm888

mmedia wrote: »

Are China still buying? Check this out, its going crazy!!! http://fiatleak.com

A US Bitcointalk user called 'Loaded' flew out to China yesterday and is scooping up all the cheap coins for his US clients.